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Binance, the largest crypto exchange in the world by trading volume, has announced that it has stopped support for LUNA and UST on Binance Earn. The move came after massive liquidations sent the prices of both tokens crashing.
The crypto exchange confirmed the move in a post on Friday, May 13, The company cited customer protection as the reason for its decision.
“Effective 2022-05-13 at 12:00 PM (UTC), Binance Earn will cease support for LUNA and UST across its product lines to protect users,” the crypto exchange said in a blog post on Friday.
Savings and staking are among the impacted services by the move and the platform will no longer accept subscriptions to LUNA and UST Locked Savings, Flexible Savings, and Locked Staking. The company has redeemed existing subscriptions to these products and credited the proceeds to customers’ spot wallets on Friday, which also included accumulated interest as of 3:59 PM UTC on May 13, 2020.
The crypto exchange also removed LUNA from the list of cryptos available for the Auto-Invest product. Existing LUNA placements on Auto-Invest Single and Portfolio Plans have been closed and transferred to customers’ spot wallets. Flexible Savings accumulated interests on assets acquired via Auto-Invest have likewise been forwarded to the spot wallets.
Binance also disabled new subscriptions to LUNA Dual Investment. Existing placements, including interest, will be settled on the scheduled settlement date. However, customers can opt to redeem before the settlement date by filling out a form.
Earlier on Friday, Binance announced the suspension of LUNA and UST trading. “Binance will suspend spot trading for the LUNA/BUSD and UST/BUSD trading pairs at 08:30 AM (UTC) on 2022-05-13,” the company announced. “Withdrawals for LUNA and UST will open when the network becomes stable.”
In a recent update, the company announced that it has resumed LUNA and UST trading. “Binance will resume spot trading for LUNA/BUSD and UST/BUSD trading pairs on 2022-05-13 at 14:00 (UTC),” the company said. “Deposits and withdrawals for LUNA and UST will also open at the same time.”
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